The majority stake was purchased from five individuals: three next-level managers, President Jerick Henley and CEO Mark Smith. All five will remain on staff.

In addition, AHS Staffing will maintain its name.

“We are excited to partner with BelHealth, an experienced healthcare private equity firm,” Smith told Staffing Industry Analysts. “We have built a strong platform that is well positioned to capture the significant opportunities in the healthcare staffing market. BelHealth has an extensive healthcare network and we look forward to working together to build AHS into a diversified, national staffing business.”

The deal closed Oct. 14.

BelHealth operates two divisions: one for travel nurses and one for pharmacy staff. It has assets totaling $500 million.

BelHealth invests strictly in the healthcare sector. This is its first staffing agency acquisition.

The company’s goal is to diversify in terms of geography and services provided.

AHS’s New Chairman

Meanwhile, AHS Staffing announced it has a new executive chairman, Steven Francis.

Francis is the co-founder and former CEO and chairman of AMN Healthcare Services. He also was chairman of Medical Solutions, which places traveling nurses.

American Mobile Nurses was founded in 1985. It merged with American Mobile Therapists in 1994. That year the company’s name was officially changed to AMN Healthcare Services. It is the largest healthcare staffing agency in the U.S.

Revenue has been increasing in recent years. In 2013, revenue totaled $1 billion. By 2015, it had grown 44.6% to $1.5 billion.

Profit increased during the same time frame from $33 million to $82 million. Assets also grew from $604.3 million to $880.4 million.